Institute of Certified NZ Bookkeepers

The Taxation (Annual Rates for 2018-19, Modernising Tax Administration, and Remedial Matters) Bill was introduced into parliament  today and the Minister of Revenue has issue a media statement.

Summary of new bill

Some of the proposals in the bill are to:

  • introduce a ‘short process ruling’ where small businesses can more easily apply for a binding ruling from Inland Revenue on any tax matter;
  • provide the Commissioner of Inland Revenue with more flexibility to deal with minor anomalies in tax legislation;
  • add new KiwiSaver contribution rates of 6% and 10% and makes it accessible to over 65s;
  • improve the ability of taxpayers to fix errors in tax returns; and
  • set the annual tax rates for the 2018-19 tax year, which remain unchanged from previous tax years.
  • simplify tax obligations for individuals who only earn employment or investment income by removing the need for these people to file a personal tax summary (PTS) to get a tax refund
  • amend the Tax Administration Act to clarify Inland Revenue’s ability to collect, use and disclose taxpayers’ information

Later this afternoon you will be able to find more information including the proposed legislation and consultation documents at http://taxpolicy.ird.govt.nz/

Media statement from Commissioner of Inland Revenue, Naomi Ferguson

“Problems with Inland Revenue’s GST processing system over the past couple of weeks have been largely resolved.

“I offer my apologies to our customers for the frustrations this has caused, and reiterate our undertaking to be reasonable if any customer has had difficulty meeting the filing date deadline of today because of issues with the online service.

“We will not apply late filing and late payment penalties for any GST returns due on June 28 if they are filed and payments made by Wednesday July 4.

“Again, I sincerely apologise to our customers for any negative impact these service issues have had.”

Media contact: Pete van Schaardenburg 021 348696

View the official media statement here

  • 28 June 2018
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